EM.TV Shareholders Demand $9.5M

Over 400 EM.TV shareholders are seeking an out-of-court settlement from the company for more than DM20 million (US$9.5 million) in regards to problems over EM.TV's acquisition of the Jim Henson Co. and half of the Formula One racing circuit. The investors claim that EM.TV CEO Thomas Haffa and his brother, former chief financial officer Florian Haffa, falsely represented the actual costs of the US$650 million acquisition of Henson. Moreover, the investors claim management hid key facts about the deal to buy as much as 75% of Formula One holding company SLEC. An EM.TV spokeswoman said the company is forwarding the claim over to its legal counsel for evaluation. The deadline for EM.TV to pay the out-of-court settlement is March 31, after which the shareholders' lawyer, Klaus Rotter, will file a civil lawsuit.